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I'm having trouble deciding between Kenan-Flagler and Darden. While Darden seems to be a stronger program overall, Kenan-Flagler has a better marketing program (or that's my impression). Additionally, Kenan-Flagler offered me a pretty sizable fellowship. Ideally, I'd like to do brand management on exit but could also see myself in either general mgmt at the right company or mgmt consulting.

I wish I were in your shoes. I was dinged at Darden after an interview. It was my first choice. However, I am very much in a similar boat (good fellowship from UNC and interested in marketing). At the end of the day, the MBA is all about return on investment. If you can get an MBA from Kenan-Flagler for half the cost then absolutely go there. Forbes' entire ranking system is based on return of investment, but it fails to take these fellowships into account. Based on your situation, UNC would be ranked much higher than Darden.

Out of curiosity, what was your GMAT/GPA and what is your fellowship offer?